TRACK ENERGY

“And while we can make up some of that gap, because countries and companies have stockpiles, we can sort of like massage it a little bit here and there for the moment. The longer this situation goes on, the longer the tankers can't make it out of the Strait of Hormuz, the longer that 10% will continue compounding. And the longer that the supply disruption will end up rippling through the global economy.”

“So year-over-year inflation through the CPI index, which is a broad measurement of inflation, is up 3.3% from a year ago. And the Federal Reserve uses 2% as a target for where it wants inflation to be. Even before the war with Iran started, inflation was above that target level. And what we have now is an energy shock that is sending gasoline and diesel prices on one of their steepest climbs in decades, if not ever.”

“We are a net exporter of energy. We are the largest oil producer the world has ever seen. So why the heck am I paying higher gasoline prices when all of this is happening 7,000 miles away? The reason why is oil is the most global market. So we are a huge exporter of crude oil, of gasoline, of jet fuel, mainly from the US Gulf Coast. So that tethers us to the global market in a really big way.”

“There was a survey from the University of Michigan. It was the lowest ever in 74 years of the survey taking place. And so some of that might be an overreaction in vibes because the economy was pretty strong coming into this. But the direction of travel, how fast that plummeted in just one month as people were seeing those price increases in the gas station, that just goes to show that people hate this.”

“Natural gas, which is a huge part of what the Middle East exports in terms of energy, that is key for global power generation. It's key for air conditioning. It's also a key input for manufacturers around the world. If we're thinking about companies that build everything from chips to companies that create steel and need high heat, to companies that produce fertilizer for farming, all of that requires an immense amount of natural gas.”

“And while we can make up some of that gap, because countries and companies have stockpiles, we can sort of like massage it a little bit here and there for the moment. The longer this situation goes on, the longer the tankers can't make it out of the Strait of Hormuz, the longer that 10% will continue compounding. And the longer that the supply disruption will end up rippling through the global economy.”

“So year-over-year inflation through the CPI index, which is a broad measurement of inflation, is up 3.3% from a year ago. And the Federal Reserve uses 2% as a target for where it wants inflation to be. Even before the war with Iran started, inflation was above that target level. And what we have now is an energy shock that is sending gasoline and diesel prices on one of their steepest climbs in decades, if not ever.”

“We are a net exporter of energy. We are the largest oil producer the world has ever seen. So why the heck am I paying higher gasoline prices when all of this is happening 7,000 miles away? The reason why is oil is the most global market. So we are a huge exporter of crude oil, of gasoline, of jet fuel, mainly from the US Gulf Coast. So that tethers us to the global market in a really big way.”

“There was a survey from the University of Michigan. It was the lowest ever in 74 years of the survey taking place. And so some of that might be an overreaction in vibes because the economy was pretty strong coming into this. But the direction of travel, how fast that plummeted in just one month as people were seeing those price increases in the gas station, that just goes to show that people hate this.”

“Natural gas, which is a huge part of what the Middle East exports in terms of energy, that is key for global power generation. It's key for air conditioning. It's also a key input for manufacturers around the world. If we're thinking about companies that build everything from chips to companies that create steel and need high heat, to companies that produce fertilizer for farming, all of that requires an immense amount of natural gas.”

“It's not only the overall Iranian economy that's dependent on this revenue, it's particularly the government and within that, the Islamic Revolutionary Guard Corps which gets almost all of its revenue and thus its ability to pursue the war from oil exports.”

“The US Navy needed to do was reverse the dynamic, make sure that it wasn't the Iranians who were controlling traffic through the Strait, but that it was the US Navy that was. And that sounds like a fairly straightforward process given the size of the US Navy. But in fact, it turns out, it's looking like it will be pretty complicated to execute.”

“One major risk, of course, is that the IRGC and Iran itself lashes out. They have threatened to attack these US Navy ships, and so you could have a major escalation of the fighting again based over the ships coming into the strait or even standing back outside.”

“90 percent of the oil that Iran ships out is headed to China. Much of it is on Chinese crewed, Chinese flagged ships. The president's supposed to go to Beijing in about four weeks, and what he was hoping was going to be this meeting all about a new detente between China and the United States.”

“I'd say a third big category of risk is that Iran responds by restarting attacks on energy infrastructure throughout the Persian Gulf. That is one that carries really long-term risks for the global energy system and the global economy, because as you do more damage to the region's infrastructure, prevent refineries from operating, you risk taking energy offline for a long period of time.”

“It's possible if fighting could start again if Iran starts hitting US warships or commercial ships trying to transit through the Strait Of Hormuz or attacking the energy sector of Gulf allies. The Iranians have said they have major untouched levers to pull in response to the blockade, but we don't know what that means. At this point, it's an economic war trying to get Iran back to negotiating cable.”

“Jenna Lewis says she drove nearly a half hour to the Tulalip Reservation north of Seattle to save 55¢ a gallon. It's one of hundreds of reservation gas stations across The US with many offering some of the cheapest fuel prices because they're not subject to state taxes. Those range from 9¢ a gallon in Alaska to as high as 71¢ in California across the 35 states with federally recognized Native American tribes.”

“Gonzalez's resignation announcement came hours after California Democratic representative Eric Swalwell also announced his own plan to resign. Swalwell is facing allegations of sexual assault and misconduct from at least four women. Gonzales had already dropped his bid for reelection after being forced into a primary runoff and the launch of a congressional ethics investigation into his behavior.”

“The two districts in Toronto were considered safe Liberal strongholds, and they won handily, providing Carney with at least 173 seats and a majority government. The majority assures prime minister Carney's government a stronger position in parliament and provides support on major nation building projects as well as his government's dealings on trade and tariff issues.”

“The judge issued an order Monday saying that Trump had failed to make the argument that the article describing a birthday card to the late sex offender Jeffrey Epstein was published with malicious intent. Trump denies writing it and said he will be refiling the complaint. Shares in Asia higher in Tuesday trading. The markets in Japan, South Korea, and China all gaining ground.”

“The latest jobs report suggests an economy that is still running hot.”

“The Iran war is a major wildcard for the global economic outlook.”

“OpenAI and Anthropic are burning through cash at a staggering rate.”

“The IPO race for AI is more of a marathon than a sprint.”

“The acquisition of TBPN reveals exactly where media is headed.”

“The legislation fell short of the votes needed to move forward in the Senate today.”

“The central bank indicated that it needs more evidence before cutting interest rates.”

“Energy markets are reacting to the increased risk of supply disruptions worldwide.”

“These new standards represent a significant step in reducing toxic industrial emissions.”

“The championship game drew the largest audience in the history of college athletics.”

“From Iran's perspective, they feel emboldened. This war that started with a call to replace the regime, well, one Khamenei was replaced by another Khamenei. So the regime is still there. It is proven that it can withstand the most powerful army in the world and the most powerful army in the region, Israel. And it discovered the Strait Of Hormuz and what havoc it can wreak, not only on The Gulf, but on the entire globe.”

“Israeli prime minister Benjamin Netanyahu says he has authorized direct negotiations with Lebanon aimed at disarming the Iranian backed Hezbollah militants, making the announcement Thursday amid disagreement over whether the Iran ceasefire includes Lebanon. British prime minister Keir Starmer describing the ceasefire as fragile and has criticized Israel's strikes on Lebanon.”

“The prime minister also drew parallels between Russian president Vladimir Putin and president Trump, saying he was fed up with the fact that British families would see their energy bills rise because of, quote, the actions of Putin or Trump across the world. Before this latest surge in prices from The US and Israel's war in Iran, the Russian president's invasion of Ukraine had already pushed up energy prices.”

“While talking to reporters from space, astronaut Victor Glover said he'd been thinking about the return to Earth ever since he was assigned to this mission a few years ago. We have to get back. There's so much data that you've seen already, but all the good stuff is coming back with us. There's so many more pictures, so many more stories. And riding a fireball through the atmosphere is as profound as well.”

“Fans in LA went from ecstatic to heartbroken when they logged on to buy Olympics tickets and saw prices in the hundreds and thousands of dollars. Seats at the games start at $28, but go as high as 5,500, including a whopping 24% service fee on each ticket. And the cheap seats sold out fast. Denny Nivens has been to eight summer games and said he's never seen price tags so high.”

“Now Mundy's living at an elephant refuge in Georgia.”

“They're recovering from the trauma that they experienced living in captivity.”

“2023 also saw the roots of a global banking crisis arise out of four American regional banks.”

“The rise of artificial intelligence and large language models... has also been at the root of a Hollywood double strike.”

“the latter half of the year saw many large mergers and acquisitions, some of the largest announcements being in oil and gas”

“Vice president JD Vance led The US delegation and says no agreement was reached. He says a major roadblock was Iran not agreeing to end their nuclear weapons program. In the Middle East, The US says two warships have passed through the hotly contested Strait Of Hormuz.”

“The defense department says two navy guided missile destroyers passed through the Strait Of Hormuz as the critical water passageway has become a key landmark in the ongoing conflict. US central command said that The US forces had begun setting conditions to clear Iranian sea mines planted throughout the waterway.”

“Victor, Christina, and Jeremy, we are we are bonded forever, and no one down here is ever gonna know what the four of us just went through. And it was the most special thing that will ever happen in my life.”

“Minnesota sued the Trump administration in March, accusing it of withholding evidence in the shootings. Anytime law enforcement takes the life of a community member, it's really important that there be a thorough and complete investigation.”

“Major supporters of California representative Eric Swalwell's bid for governor are now withholding that support. The move comes following allegations that he sexually assaulted a woman twice, including once when she worked for him.”

“Effective immediately, the United States Navy, the finest in the world, will begin the process of blockading any and all ships trying to enter or leave the Strait Of Hormuz. He said the Navy would also intercept any vessel that had paid a toll to Iran, adding, quote, no one who pays an illegal toll will have safe passage on the high seas. And he finished with, at an appropriate moment, we are fully locked and loaded, and our military will finish up the little that is left of Iran.”

“A country cut off from the dollar system, cut off from SWIFT, cut off from correspondent banking, demanding payment for access to a fifth of the world's oil in Bitcoin. This is exactly why Bitcoin will matter more and more in geopolitics. Bitcoin is neutral and can't be sanctioned or censored. Iran is finding it useful for the same reason a protester in Russia or a working class saver in Argentina does.”

“Satoshi controlled a set of cryptographic keys that can unlock around 1,000,000 Bitcoin that have never moved. Those keys are the only way to prove beyond any doubt who Satoshi is. Everything else is just circumstantial. Adam Back himself flatly denied the claims again. He said, quote, I'm not Satoshi, but I was early and laser focused on the positive societal implications of cryptography, online privacy, and electronic cash.”

“Morgan Stanley launched its spot Bitcoin ETF last week, and it drew in about $34,000,000 in inflows on its first day, making it the best performing ETF debut in the firm's entire history. Amy Oldenburg, Morgan Stanley's head of digital assets, said on Bloomberg TV, quote, it was the best first day of trading for any of our ETFs. Now I have to say the timing of this launch is fascinating because we're in the middle of a Bitcoin price drawdown.”

“On Friday alone, Stretch traded $526,000,000 in volume, more than double its thirty day average of $258,000,000. Strategy CEO, Phong Li, said this week that Stretch is now trading with more liquidity as a percent of market cap than every single magnificent seven common stock. Not just some of them, all of them. That is crazy volume for a preferred stock.”

“President Trump says the US Navy will begin a blockade of ships moving in and out of the Strait Of Hormuz today. The move follows twenty one hours of peace talks between The US and Iran and Pakistan where no agreement was reached to end the war.”

“Word of the blockade sent oil prices higher to more than $100 a barrel. Ships traveling between non Iranian ports are expected to be allowed to transit the Strait Of Hormuz during the blockade.”

“Hungary's prime minister, Viktor Orban, is conceding defeat to his former ally in yesterday's election. As Brussels now looks forward to working with a more pro European Hungarian leader, Moscow and the current White House administration have lost in Orban, a key ally in Europe.”

“Democratic congressman Eric Swalwell is suspending his campaign for governor of California. He announced the suspension last night in a post on x amid allegations of sexual assault and misconduct, accusations the congressman denies.”

“When he sank a short putt on the eighteenth hole, Rory McIlroy joined legendary golfers Jack Nicklaus, Tiger Woods, and Nick Faldo as the only back to back masters champions. He beat American Scottie Scheffler by one stroke.”

“President Trump said today in a post on social media that the US Navy will begin to blockade any and all ships trying to enter or leave the Strait Of Hormuz. He also said any ship that paid a fee to Iran to pass through the waterway will not have safe passage through the Strait. Trump said the US Navy will begin destroying all mines that Iran has put in the Strait, and he called the mining of the Strait extortion.”

“Israel's military says this weekend, it struck more than 200 Hezbollah targets, and Hezbollah said it continued rocket, drone, and artillery attacks on Israel and Israeli troops inside Lebanon. Lebanon says the Israeli and Lebanese ambassadors to Washington will hold their first direct meeting Tuesday at the state department to discuss a ceasefire and a date for starting negotiations.”

“Russian president Vladimir Putin announced the cease fire from 4PM Saturday through end of Easter Sunday, a proposal to which Ukrainian president Volodymyr Zelensky agreed. Yet the Russian side accused Ukraine of launching overnight drone attacks on several border regions injuring civilians, and Ukraine blamed Russia for waves of drones and shelling that killed several people and injured scores more.”

“The Manhattan District Attorney's Office says it has opened a sexual assault investigation against California congressman and Democratic candidate for governor Eric Sawell. He is facing allegations of sexual abuse, one involving a reported incident in September 2024 at a New York City hotel involving a former staff member. Other women have come forward to accuse Sawell of sexual misconduct.”

“For nearly a week, slow moving convoys of tractors and trucks have blocked major highways and roads across the country, including some of the busiest streets in Ireland's capital, Dublin. Protestors are demanding more support from the government as fuel prices continue to rise because of The US and Israel's war against Iran. The Irish government has been meeting with farmers and truckers over the weekend and say more support is coming.”

“President Trump says the US Navy will block the Strait Of Hormuz from all ships, and the US military says that starts tomorrow. This after peace talks between The US and Iran and Pakistan yesterday failed to produce a deal. NPR's Mara Eliasson has more on what happens next.”

“It was also miraculous, one could say, that the ceasefire with Iran came just in time as Israeli authorities reopened the Church of the Holy Sepulchre following wartime safety restrictions on gatherings. Israel's foreign ministry says torches carrying the holy flame were flown to Orthodox Christian communities in Greece, Russia, Poland, Georgia, Romania, Uzbekistan, Kazakhstan, Cyprus, and Moldova.”

“There are hundreds of tribally owned gas stations, by and large exempt from paying state fuel taxes, savings they can pass on. The gas stations also provide revenue for reservations to reinvest in their communities, concentrated in Western states where the priciest gas in The US is found.”

“It took McIlroy years to win his first Masters last year. Now the world's number two golfer joins greats Jack Nicklaus, Tiger Woods, and Nick Faldo as the only players to win two in a row. McIlroy now has six majors. Along with another green jacket, he also takes home a $4,500,000 purse.”

“US futures contracts are trading lower at this hour. Dow futures down about 1%. Nasdaq futures down 1.2%. This is NPR news.”

“Effective immediately, the United States Navy, the finest in the world, will begin the process of blockading any and all ships trying to enter or leave the Strait Of Hormuz. He said the Navy would also intercept any vessel that had paid a toll to Iran, adding, quote, no one who pays an illegal toll will have safe passage on the high seas. And he finished with, at an appropriate moment, we are fully locked and loaded, and our military will finish up the little that is left of Iran.”

“A country cut off from the dollar system, cut off from SWIFT, cut off from correspondent banking, demanding payment for access to a fifth of the world's oil in Bitcoin. This is exactly why Bitcoin will matter more and more in geopolitics. Bitcoin is neutral and can't be sanctioned or censored. Iran is finding it useful for the same reason a protester in Russia or a working class saver in Argentina does.”

“Satoshi controlled a set of cryptographic keys that can unlock around 1,000,000 Bitcoin that have never moved. Those keys are the only way to prove beyond any doubt who Satoshi is. Everything else is just circumstantial. Adam Back himself flatly denied the claims again. He said, quote, I'm not Satoshi, but I was early and laser focused on the positive societal implications of cryptography, online privacy, and electronic cash.”

“Morgan Stanley launched its spot Bitcoin ETF last week, and it drew in about $34,000,000 in inflows on its first day, making it the best performing ETF debut in the firm's entire history. Amy Oldenburg, Morgan Stanley's head of digital assets, said on Bloomberg TV, quote, it was the best first day of trading for any of our ETFs. Now I have to say the timing of this launch is fascinating because we're in the middle of a Bitcoin price drawdown.”

“On Friday alone, Stretch traded $526,000,000 in volume, more than double its thirty day average of $258,000,000. Strategy CEO, Phong Li, said this week that Stretch is now trading with more liquidity as a percent of market cap than every single magnificent seven common stock. Not just some of them, all of them. That is crazy volume for a preferred stock.”